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Altico Capital India Pvt Ltd said on Thursday it has invested an undisclosed amount in Pune-based Guardian Developers for an under-construction residential project.

This will be the first investment in Pune by Altico, which was earlier known as Clearwater Capital Partners India Pvt Ltd.

The project, located at Kharadi in Pune, is spread over 10 acres and will have around 1 million sq ft of saleable area. It will mainly have two- and three-bedroom apartments.

Incorporated in 2004, Altico Capital is a non-banking financial company and operates as a subsidiary of India Credit Pte Ltd.

“This foray into Pune real estate market establishes Altico’s footprints in all the Tier I cities,” said Sanjay Grewal, CEO of Altico.

Grewal said Altico has closed five deals so far. This includes Rs 725-crore investment across multiple projects of realty firm Century Real Estate Holdings Pvt Ltd in Bangaluru and Rs 450 crore in a South Mumbai project being developed by a joint venture of Sanjay Chhabria promoted-Radius Developers and Sumer Group.

The company plans to deploying about Rs 2,500 crore by the end of March 2016, said Amit Pachisia, chief credit officer at Altico.

Promoted by Manish Sabade, Guardian Developers claims to have delivered about one million sq ft of residential apartment space in 15 years while another 3 million sq feet is under development.